The Memecoin Market Goes Wild: PEPE, WIF, and BONK Take the Spotlight!

• There’s been a significant surge in trading volume for meme coins with small market capitalizations like PEPE Coin (PEPE), dogwifhat (WIF), and BONK.
• PEPE is ranked as the ninth most traded cryptocurrency, with its daily trading volume doubling to $2.3 billion.
• The Solana memecoin, dogwifhat (WIF), set to dominate the skies of Las Vegas, achieved a milestone by raising over $650,000 in funds.

The recent surge in performance of tokens in the memecoin ecosystem continues: Which memecoins are gaining popularity?

Rally Continues in the Memecoin Market

The memecoin frenzy has been going strong in recent weeks! While major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) paused after significant gains, smaller market cap meme coins have shown no signs of slowing down recently.

There’s been a significant surge in trading volume for meme coins with small market capitalizations like PEPE Coin (PEPE), dogwifhat (WIF), and BONK, each reaching fresh all-time highs. At the time of writing, PEPE coin’s price is trading at $0.00001003 with a 14% increase and a market cap of $4.22 billion.

Additionally, PEPE’s daily trading volume has doubled to $2.3 billion, ranking it as the ninth most traded cryptocurrency. Over the past two weeks, PEPE’s price has surprisingly surged by 820% and is currently at all-time highs. The recent increase in PEPE Coin’s price is said to be accompanied by growing speculation about Elon Musk’s support for the meme coin.

On the other hand, dogwifhat (WIF) reached a new all-time high, surging by 30% in the last 24 hours to a market cap of $3.0 billion. Additionally, the daily trading volume for dogwifhat (WIF) surged by 100% to $700 million. Over the past two weeks, the price of dogwifhat (WIF) also surged by 700%.

The Solana memecoin, dogwifhat (WIF), set to dominate the skies of Las Vegas, achieved a milestone by raising over $650,000 in funds. As a result, the dogwifhat mascot with a “Shiba Inu-themed” design will be featured in the Las Vegas sky for up to a week.

Similarly, the Solana-based meme coin BONK saw a 13% increase in the last 24 hours, currently trading at an all-time high of $0.00003366 with a market cap of $2.2 billion. The BONK price rally followed its recent listing on leading crypto exchanges like BitMEX. BONK gains over the past two weeks have surged by an astonishing 170%.

Capital Allocations to Memecoins

Leading on-chain data provider Santiment reports a significant increase in meme coins alongside Bitcoin reaching a new all-time high of $73,600. The notable performance of meme coins aligns with Bitcoin’s continuous rise in March, indicating a clear trend towards profiting from speculative assets with low liquidity.

With each increase in Bitcoin’s price, investors rapidly redistribute their profits to these alternative assets, signaling an increasing appetite for high-risk investments in the cryptocurrency market.